Shares of retailers and other consumer companies rose as investors shrugged off another reading of historically high new unemployment applications.
Ripples from the coronavirus pandemic and lockdowns continued to hit the sector. Chuck E. Cheese parent CEC Entertainment said it filed for chapter 11 bankruptcy protection as it grapples with the financial strain of prolonged closures sparked by the coronavirus pandemic, the latest in a series of high-profile retailers and restaurant chains to do so. CEC, owned by private-equity firm Apollo Global Management, plans to use the bankruptcy process to continue talks with its financial backers and landlords on its balance-sheet overhaul.
Department-store chain Macy's is laying off roughly 3,900 corporate staffers as the retailer, like other businesses, confronts a slow recovery from a coronavirus-induced economic crisis that wiped out its profits in the most recent quarter.
Write to Rob Curran at rob.curran@dowjones.com
